Ajman Bank Home/Mortgage Loan Eligibility Criteria in UAE

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Ajman Bank was the first Islamic and Shariah-compliant bank established in Ajman. The bank is renowned for providing exceptional banking services in consumer banking, investment banking, corporate banking, investor relations and more. Ajman Bank is also one of the most sought-after providers of home loans in UAE.

It provides home loan services to UAE and non-UAE residents (Salaried or Self-employed). These services are available at competitive profit rates with flexible tenure for loan repayment. In this article, we are going to learn more about Ajman Bank Home Loan Eligibility to give you a better idea of whether you qualify for it or not.

Ajman Bank Home Loan Eligibility Criteria in UAE

Ajman Bank offers home loans to individuals (salaried or self-employed) who wish to buy residential property, be it villas, townhouses, apartments, buildings, or compound villas.

These ready properties are financed by Ajman Bank in two types: 1st-rank mortgage and 2nd-rank mortgage. Your eligibility requirements for a home loan may vary depending on the financing option you choose. However, the table below offers the standard Ajman Bank home loan eligibility criteria that you must know.

Eligibility Criteria Details
Citizenship UAE Nationals, Residents (including Expats), and Non-UAE Residents
Minimum Age Requirement
  • UAE National: 21 years to 70 years (on the maturity of the loan)
  • UAE Resident (Expats): 21 years to 65 years (on the maturity of the loan)
  • Non-Residents: 30 years to 65 years (on the maturity of the loan)
Minimum Salary Requirement
  • UAE National: AED 15,000 per month
  • UAE Resident- Expats: AED 20,000 per month
  • Non-Residents: AED 40,000 per month
Maximum Finance Amount AED 15 million
Maximum Tenure of Home Loan
  • UAE Residents: 25 years
  • Non Residents: 15 years
Down Payment Structure
  • 20% for UAE Nationals
  • 25% for Expatriates
  • 50% for Non-Residents
Salary Transfer
  • Mandatory for UAE Nationals
  • Optional for UAE Residents(Expats)

Residency Requirements for Ajman Bank Home Loan

The following category of people can apply for Ajman Bank Home Loan -

  • UAE nationals
  • Non-residents
  • UAE residents and expatriates

Home loan in UAE - Policybazaar uae

Documents Required to Apply for Ajman Bank Home Loan

To be eligible for Ajman Bank home loan eligibility, you must have all the following documents ready at the pre-approval stage:

  • A completed and signed application form
  • An original and valid passport copy
  • Copy of their Emirates ID card (for UAE residents)
  • UAE Nationals must provide the original Full Khulasat al-Qaid copy.
  • Expatriates must submit a copy of their valid residence visa (for free zone companies, a free zone ID copy is required).
  • Female applicants sponsored by their father, husband, brother, etc., should present their labour card.
  • You need to sign a declaration confirming that the source of the deposit is from yourself and not from any financial institution.
  • A processing fee slip (if applicable)
  • Settlement of debts requires the submission of the original liability letter.
  • Government/Semi-Government sector employees and those working in free zone companies (except MOD) should provide a valid employment card, if applicable.

Additional Documents for Salaried Residents

  • Valid and original salary certificate
  • Original Salary Transfer Letter (if applicable)
  • Last 6-month bank statement of salary account as proof of showing last 6 salaries

Conclusion

Ajman Bank is the first bank in Ajman to have incorporated seamless Shariah-compliant banking services for customers. The bank currently deals in a wide range of financial services and home loan services. As mentioned above, Ajman Bank offers multiple types of residential properties in the form of villas, apartments, townhouses, etc. And these are available for every eligible UAE national, resident (including expats), and non-UAE resident. Following all the eligibility criteria and necessary documents discussed above, one can easily apply for home mortgage services by Ajman Bank.

Frequently Asked Questions

Q1. How does Ajman Bank classify home loan properties?

Ans: Home loan properties by Ajman Bank are classified into three types: Freehold Properties, Non-Freehold Properties, and Leasehold Properties. Depending on what property you choose for your home finance, your profit rates and other eligibility will differ accordingly.

Q2. Will I need Takaful (Insurance) if I opt for a mortgage loan in Dubai from Ajman Bank?

Ans: Life Takaful (insurance) is mandatory if the property is still under construction. Once the property being financed is complete, both Life and Property Takaful (insurance) becomes necessary.

Q3. What to do if I cannot make the home finance repayment taken from Ajman Bank?

Ans: Ajman Bank mortgage finance does not offer a deferment policy by default. If you need to defer an instalment payment as per the repayment plan, a special request must be submitted well in advance to the Bank.

Q4. Do I have to be an Ajman Bank account holder to complete the mortgage loan eligibility?

Ans: No, Ajman Bank’s home loan mortgage services are open to all eligible customers. There is no need to have an existing Ajman bank account.

Q5. How can I apply for Ajman Bank home loan?

Ans: There are 3 ways in which you may apply for home loan services from Ajman Bank:

  • Option 1: Apply for your Ajman Bank home loan from Policybazaar.ae. This third-party aggregator website is the one-stop destination for all your banking requirements in the UAE. Applying for a home loan with us, you eliminate the hassle of standing in long queues and apply for the loan within a few clicks.
  • Option 2: You can contact the bank’s phone banking centre at 800 22. The dedicated call centre advisor will forward your request and details to the Mortgage Sales Officer, who will guide you through the formal application process. The Mortgage Sales Officer will then get in touch with you within 24 hours of the initial call.
  • Option 3: You can visit the nearest Ajman Bank branch for assistance. The branch staff will redirect you to a Sales Officer who will help you with the mortgage loan application process.
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